Bony, who sees his Swans contract expire this summer, will spend the remainder of the current campaign with the Doha-based club after finalising his move today.
The 30-year-old has scored once in seven appearances this season, with Bony’s game-time scuppered after tearing his anterior cruciate ligament against Leicester City last February.
Bony returned to the Liberty Stadium for a second spell after rejoining from Manchester City on transfer deadline day in August 2017.
He would score 10 goals in 46 appearances – just 20 of which were starts – at the Etihad Stadium, two of which came in two reunions with the Swans.
Pep Guardiola’s appointment as City boss saw Bony leave for Stoke, where he spent the 2016-17 season on loan.
He scored two goals for the Staffordshire club, both of which came against the Swans, making it four strikes in three appearances against his former employers.
The Ivorian joins up with an Al-Arabi side who sit sixth in the 12-team Qatar Stars League.